Glossary of Acronyms & Terms

This wiki includes all the terminology and acronyms we use internally. If you come across a term in a wiki/email/task that you're not familiar with, open this wiki & hit Control+F, or Command +F on a  Mac, enter the acronym or term into the search field, and you'll find info here. If you come across a term or acronym that is not listed below, or need further elaboration on any term, please email Alex and ask him to clarify + add the item below.

General

  • IIM = Important Info Message. This is our main hub for all important property/project info. We post this as a message on a project and continually use it as the main source of information and project updates. More info here: https://app.tettra.co/teams/bramlett/pages/important-information-message
  • LA = Listing Agent. This is an agent who is representing a seller or a landlord in the sale of their property.
  • BA = Buyer's Agent. This is an agent who is representing a buyer or a tenant in locating a home.
  • LC = Listing Coordination/Listing Coordinator. The listing coordinator supervises the listing process to ensure the team is meeting deadlines & completing all tasks, acts as quality control for the listing coordination process, as well as handles inventory (lockboxes/signage) and marketing materials, and other related courier tasks.
  • Listing Support Team = Team that is available to assist agents with listing coordination, CTC, and courier tasks. This includes the LC team, the CTC manager, and the courier.
  • LC team = Listing Coordination Team. This refers to the team that handles the listing coordination process and includes the listing coordinator, & marketing assistant.
  • CTC = Contract to Close or CTC Manager. This refers both to the Contract to Close process, as well as the CTC manager. The CTC manager covers anything related to the contract to close process. Once a property goes under contract, the CTC manager takes point on managing the project. The LC team will then only need to make listing status changes, and continue to gather any missing documents needed. Closer to the closing date, the CTC manager will direct the LC team on removing inventory and then conducting the 'Listing Close Out'.
  • Courier = Team member that handles all running tasks like dropping off/removing/delivering signs, lockboxes, keys, print materials.
  • TOP = Treaty Oak Properties, our property management company.
  • MLS = Multiple Listing Service. This is our main website for listing the properties we have available for sale and lease. http://matrix.abor.com/Matrix/Home
  • VA = Virtual Assistant (i.e. any team member not located in the US/Austin). This doesn't necessarily mean the marketing assistants. Alex, for instance, is not a marketing assistant, but is technically a VA because he is not located in Austin.
  • MA = Marketing Assistant. Employees that handle most of the administrative work in the listing coordination process (preparing MLS, gathering documents & client/property info, setting up ancillary listings like Supra/SS, property showcase).
  • CMA = Comparative Market Activity (or "comps"). This is a report that is sent to clients weekly with information on nearby comparable house activity (new houses listed, going under contract, etc).
  • FTR = Foot Traffic Report. This is a report that is sent to clients weekly with information on how many showings their home had in the past week.
  • WTR = Web Traffic Report. This is a report that is sent to clients weekly with information on web traffic activity that their property showcase has received.
  • ST = ShowingTime (FKA CSS = Centralized Showing Service): https://www.showings.com/ - website is in transition from CSS --> ST still.) We set this up for any property with tenant occupants, as often tenants can make showings difficult to schedule for agents. This allows us to monitor if tenants are causing issues, and then take steps to make sure agents are able to show, if necessary.
  • IBZ = Inbox Zero https://app.tettra.co/teams/bramlett/pages/inbox-zero-policy-procedure
  • DB = Dropbox. Shared file storage.
  • FFR = For Future Reference
  • EOD = End of Day
  • SOI = Sphere Of Influence
  • Showcase/property showcase = Custom informational website for the listing. This website includes photos, marketing copy, agent information, basic property info, location, and documents. This is set up for individual properties with a URL (ex. www.[Street#][StreetName].com) based on the property address. Example: http://2105Griswold.com
  • Leaseback: A leaseback is a somewhat unconventional situation wherein a buyer purchases the property, but the original owners need to remain in the property for some reason (i.e. they're waiting on their own purchase of a different home to close), so the new owners lease the property back to the original owners, and the original owners remain in the property. Leasebacks can be temporary (as in the previous example) or indefinite, but typically they are short term. The original owners remain in the property after the closing, and upon the sale funding, the lease begins and the original owners become tenants, while the buyers become the landlords. Leasebacks aren't common, but when we have a leaseback it will be noted on the sale contract.
  • Estate sale: Estate sales are a liquidation of property of a family or an estate in the event of a major life event such as a death, bankruptcy or divorce. These are sales which differ significantly from a normal property sale, and typically don't require much of the same documentation as a normal sale would. For instance, SDNs are not required for estate sales. If a property is being sold as an estate sale, a listing agent will explicitly note this on the important information they provide, when this occurs please pay close attention to details given on how to proceed with the listing process.
  • Billable hours: For Treaty Oak Properties, billable hours is the number of hours that our maintenance technician spends on work orders. His total time working is tracked in Timeero, but billable hours can be tracked in Appfolio. We track this number in Appfolio by running a report on how many hours for a given time period he logged in work orders. Ideally, the tech's billable hours will be about 1/2 of his total work hours.
  • Deposit disposition: When tenants vacate a house, the landlord or PM company has 30 days from the lease expiration date to process & return their security deposit to them. This is called a deposit disposition. During this time, damages can be assessed & charged from the tenant's deposit.

Bramlett Residential Listing Statuses

  • PMLS/PreMLS = This listing is not yet active on the Multiple Listing Service. The date noted after this status is the projected list date. I.e. PMLS 5/16 = This listing is preMLS and is set to go live on 5/16.
    • When a property is PMLS, we are working to prepare the property to be listed. This includes gathering information and documents, scheduling makeready/staging/photos, and preparing the marketing sources.
  • ACTIVE = This listing is active on the Multiple listing Service. The property is on the market and available for purchase. We are working to maximize showing activity and increase the chances of getting the property under contract.
  • UC/Pending = Under Contract. The date noted after this status is the projected closing date. I.e. PENDING 5/23 = This listing is under contract and set to close on 5/23.
    • Once the property is under contract, the LC team only needs to ensure the property status changes are made, and that we get all required docs from sellers (if any are still missing). A contractual period typically lasts 30-45 days, but sometimes as little as 7 and as many as 90. Once the property is under contract, the CTC manager takes point on managing the project, and will handle assigning all status change tasks. Closer to the scheduled closing date, the CTC manager will then create and assign the 'Listing Close Out' tasks. Contact the CTC manager for any questions related to a contract or project in this status.
  • SOLD = The sale has funded and the contract has been completed. We may still have some minor administrative tasks to wrap up (ads, getting reviews from clients, etc).
  • T = Temporarily Off Market. This listing has essentially been 'Paused', typically for reasons of makeready, client personal life needs, or other miscellaneous situations.
    • When a listing is set to 'T', we are not taking any action on the project until we hear an update from the listing agent. If LA requests certain tasks to still be completed, continue to take action on those tasks. Agents will not be showing the property while it is set to 'T'.
  • UK = Unknown. Effectively the listing date and timeline is 'to be determined'. This means our listing timeline is not set, and we're waiting to hear more updates before moving forward with anything. When a listing is UK, we'll work on documents and anything else we can complete that is not related to the listing timeline. We can still prepare MLS, showcase, and marketing materials/sources, but we will not list the house until the timeline is set.

Treaty Oak Properties Listing Statuses

  • PMLS/PreMLS = This listing is not yet active on the Multiple Listing Service. The date noted after this status is the projected list date. I.e. PMLS 5/16 = This listing is preMLS and is set to go live on 5/16.
  • ACTIVE = This listing is active on the Multiple listing Service, but we have not yet approved applications.
  • PENDING = The lease on this property is executed and we have received funds. The date after 'PENDING' is the move-in/lease start date. I.e. PENDING 5/16 = This is leased and the tenants move in on 5/16.
  • LEASED = Property is leased, tenants have moved in, and we're just needing to wrap up a few post-move in date tasks.
  • UK = Unknown. This means our listing timeline is not set, and we're waiting to hear more updates before moving forward with anything. We'll likely use this often with makereadies.

TXFY Statuses

  • DA = Disbursement Authorized. This means we have provided title with our authorization to disburse funds from the sale. Funding is the next step.

Documents


Terminology

  • Middlemanned / Middlemanning = This is when you are stuck in the middle of communication between two parties in which it would be more efficient for them to communicate directly. Example: A carpet cleaner is trying to find a good time to clean an occupied home and the owner is not communicating efficiently with us, so we keep going back and forth between the carpet cleaner & the owner.
  • Tribal Knowledge = In a company, tribal knowledge is any unwritten information that is not commonly known by others within that company. This term is used most when referencing information that may need to be known by others in order to produce quality products or services. We want to document this info when we recognize it, more on that here! https://support.bramlettpartners.com/article/581-a-culture-of-documentation?preview=6738d52c734eb350c5fdb81d
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